TMCnet News
Seaborn II [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Date SPI disclosed : July 24, 2014 Projected board date : August 25, 2014 Project Status : Active Project number : 34986 Region : Latin America and the Caribbean Company name : Seaborn NG Country : Brazil Sector : N-AA - Cable and Broadband Department : Telecom,Media,Tech & Venture Capital Environmental category : B Status : Pend FAP Project Description : Seaborn Networks Group ("Seaborn" or the "Company") will build a new subsea fiber optic cable system ("Seabras-1") to link Brazil (landing in Sao Paulo) directly with the United States (landing in New Jersey). In January 2014, IFC invested US$4 million in the Company. Now, Seaborn is in the process of the final funding round in order to have the funds to build the submarine cable. The project has no material changes since IFC invested in January. Project Sponsor and Major Shareholders of Project Company : Seaborn is a privately-owned company and is the project sponsor, developer and operator. Seaborn is comprised of a team of experienced executives in submarine cable design, installation and operations and the team brings a track record of success. Currently Seaborn is a wholly-owned subsidiary of Seaborn Networks Holdings, LLC ( HoldCo ), and HoldCo is currently owned in part by IFC, in part by the founding management team, and in part by a syndicate of development stage investors. No one group has a majority ownership stake. Total Project Cost and Amount and Nature of IFC%s Investment : The proposed IFC investment is in the form of equity investment of up to US$25 million. The total project cost is approximately US$402 million, which is proposed to be financed with a combination of institutional debt and equity. Location of Project and Description of Site : The project will be located between Brazil and the United States. Expected Development Impact - Increase Capacity: Given the growth of telecommunications, fueled by mobile devices, and in Brazil particularly as a result of its growing middle class, national broadband plan, and increased telecom infrastructure buildout throughout the region, there is significant pent-up demand for affordable large blocks of capacity that can be acquired for long-term lengths. The 4 incumbent Brazil-US cable systems were all built more than 10 years ago using technology from 1995 and have significant limitations on upgradeability. - Reduce pricing: The Brazil-US route is one of the most expensive major transoceanic routes in the world today, and it is also the primary route for international communications between LAC and the rest of world.The project will lower pricing on the route which, in turn, increases telecom competition inside of LatAm and helps to increase affordable broadband penetration locally. - Competition / Independent player: Further to promoting competition by building the newest submarine cable into Brazil, IFC will be contributing to the launch of the only independent player on the route. 2 of the 4 i Project completion date : 2015-07-31 12:00:00 Major organization : SEABORN NETWORKS, INC Address : 100 Cummings Center, Suite 435-P Beverly, MA 01915 USA Attn : Larry Schwartz CEO Country :United States Financier : International Finance Corporation (IFC), Financier address : Financier : International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington, DC 20433 United States Website : http://www1.ifc.org Tel : (202) 473-3800 Fax : (202) 974-4384 (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |